Don't know about the Japanese, but the British were doing alright. They had actually pioneered depth-charging toward the end of WW1, and were leading the pack in Sonar technology. Their biggest problem was lack of ships to actually cover the areas needed. The 'V&W' class from SH3 were actually two separate classes built in 1918. It took them quite some time to get the corvettes built and into action.
Yes, they were worried, but they scored some big victories fairly early on.
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